We Were Hosed

—WCN Warning: Economic/Terrorist event possible—

The House of Mis-Representatives have stolen $700 Billion of yours, mine, and our children’s money. Not to “rescue Main Street,” as this breakers of faith state, but rather to bailout Wall Street gamblers bankers and foreign banks that gambled, trying to get in on the mortgage game. The sad thing is these foreign banks will reportedly be able to offload their bad foreign debt on to us as well. In essence, we’re paying for mortages in Europe and China that those consumers couldn’t pay for. The mortgage fiasco isn’t an exclusively American problem.

Michael Panzer of Financial Armageddon on the disasterous bill.

From Jim Sinclair of JSMineset:

Dear International Friends,

Maybe you should consider a visit to your local bank for their abbreviated Saturday hours.. What do you have to lose? That all depends on how much you have deposited there…

I have no doubt that $1650 will come. My concern is not that it will not happen, but that I am much too conservative in my long-term price objective held since 2000.

If major banks can be torn apart how can we have faith in the small local institutions that hold most of your ready cash?

When I said “This is IT,” it is not something that I take lightly. Never in 49 years in finance have I seen a set of circumstances so challenging to the man in the street.

What I am getting at is a simple question. Are you prepared? You have heard us talk repeatedly on removing financial intermediaries between you and your assets, but the time has come for us to recommend going one step further:

Hold enough cash at your household to last you a month or two. It may be largely unnecessary for the majority, but what do you have to lose? If your bank should fail this will save you a lot of grief in the short term. If they do not, you still have all your cash that can easily be deposited back into your account.

Good advice.

Scott Simon, of NPR’s Weekend Edition had a great interview with Libertarian Presidential Candidate Bob Barr. It’s such a shame that our Republic has been hijacked by this “two parties who are really one” as many people believe.

In a way, it’s like our country has liver disease. Your liver acts as a filter that detoxifies the blood. If not for the service of that essential organ, we would (and do, when we do enough damage to it) die. The toxins, infiltered, kill us. The media in our Republic could, and pretends to, act as a liver, showing the toxins for what they are, and allowing the body (you and me) to remove those toxins from influence, by voting them out of office, charging them with crimes and misdemeanors, etc.

Unfortunately, our mainstream media doesn’t do it’s job of unmasking these opportunistic “infections” and “toxins” in the form of career politicians, crooks and liars who take up residence in Washington, DC and pass law after law that enriches them and their friends and allies (on both sides of the political aisle, by the way) and hands us the bill. You got a $700B bill yesterday, and I guarantee you, it won’t be the last. But we’re on the hook, and the next looming catastrophe if the ransom isn’t paid will be much bigger. Bet on it. Sadly, our Republic’s “liver” has gone rogue, and is filtering out the antibodies we need (the Ron Pauls and Bob Barrs) and opening the gates to the true toxins, the Barack Hussein Obamas and Joe Bidens of our world.

As of today, the America I was born into, in which I was raised and fairly well educated, is gone. The world, aided by the very people we elect and trust to protect and govern us, has found a way to dump its financial toxins here, in a bizarre twist on what we’re often accused of doing to other countries and regions in more physical ways. We’ve been accused of dumping tons of depleted uranium in Iraq through the Bush (Sr. and Jr.) wars. Friday’s vote by the House of Representatives does the financial equivalent of dumping $700B of “depleted mortgages” on these shores. These mortgages will be on London flats, French commercial buildings, German multiplexs and probably Chinese high-rises.

What history has to say about all this, we’ll have to wait a few decades to read. But, barring drastic and dramatic political action, the America I grew up in is on life support, suffering greatly from acute liver failure, in dire need of a transplant. What I fear, is that our nation and society’s medical history, so full of unhealthy lifestyle, overconsumption of the very toxins killing us, is keeping us off the transplant list.

Plus, our medical insurance is at best, bad and at worst, bankrupt.

Posted in Economy, Politics
Tags: $700 Billion Bailout, Economy, Financial Crisis, Financial Rescue, Paulson, Wallstreet Bailout